Arkham’s on-chain feed lit up early Saturday when it flagged another massive outflow from the wallet cluster known as the HyperUnit whale. There is a transfer of roughly $760 million in Bitcoin to a Binance deposit address, a move the analytics firm tied to Garrett Jin. The post, which many on X and in trading chatrooms circulated as a potential “final” cash-out after a brutal few months for the trader, crystallizes a strange arc: a long-time, once-quiet Bitcoin accumulator who pivoted heavily into ether and has since suffered staggering paper losses. Arkham Intelligence flagged the flow publicly.

Details on the move are stark. On-chain sleuths traced the $760 million worth of BTC being routed to a Binance deposit address, a pattern observers read as an intent to sell on the exchange. The same wallet cluster moved more than half a billion dollars of ETH to Binance earlier in the week, and Arkham’s broader profile of the account shows a dramatic reallocation last year, tens of thousands of BTC converted into hundreds of thousands of ETH, which has left the portfolio deeply underwater after market swings. Analysts point to the successive deposits as evidence that the holder may be unwinding positions under pressure.

For markets, whale flows of this scale matter. Bitcoin has been trading in the high $60ks on Saturday morning, a modest gain on the day but still shadowed by volatility that can magnify the impact of concentrated selling. As of this writing, BTC sits around $68,000. Ethereum, which the whale famously rotated into late last year and then liquidated heavily in recent days, is hovering near $1,970.

Traders and market commentators offered two readings. Some argued the transfers are tactical: routing to Binance allows for staged sales at better prices and liquidity, and a single wallet moving coins to an exchange does not necessarily mean an immediate market dump. Others worried that the timing, coming after a string of losses reportedly totaling billions tied to leveraged ETH longs and staking exposure, suggests forced deleveraging and the potential for sustained downside pressure if large blocks hit order books. Arkham’s prior reporting estimated the HyperUnit cluster endured hundreds of millions, if not billions, in mark-to-market losses after a concentrated ETH bet went sour.

Binance, the exchange where the BTC landed, did not immediately comment through official channels. The episode is a reminder that even holders with seven-year accumulation reputations can be reshaped by shifts in strategy, and that concentrated on-chain activity remains one of the clearest short-term signals for traders who watch liquidity and order-flow closely.

Whether this is a tactical rebalancing or the last stage of a multi-billion dollar unwind remains unclear. What is plain is the optics: a wallet once celebrated for patient BTC accumulation is now moving capital back to exchanges at a scale that will keep desks and algorithms watching order books for the next big print.

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